Edenville Energy PLC Board Reorganisation (0184P)
June 03 2015 - 2:01AM
UK Regulatory
TIDMEDL
RNS Number : 0184P
Edenville Energy PLC
03 June 2015
03 June 2015
Edenville Energy plc
("Edenville" or the "Company")
Board Reorganisation
Edenville Energy plc (AIM: EDL), the company focussed on
generating new sources of coal-based energy in southern Tanzania
announces a reorganisation of the Board of Directors, effective
from today.
The Board reorganisation reflects the needs of the business
going forward, maintaining a carefully managed cost base whilst
retaining the experience and knowledge of key Directors relevant
for this stage of the Company's development.
As previously announced, a number of partners have shown
significant interest in the Company's projects in Tanzania. This,
coupled with increasing activity in Tanzania as the Company
positions itself with the Tanzanian government authorities to
progress the power plant opportunity, has resulted in a need for an
appropriate board reorganisation which is being achieved as
follows: Mark Pryor, currently Non Executive Director, will step
into an Executive Director position as Edenville's Chief Operating
Officer. Mark has extensive knowledge of Edenville's Rukwa Coal
assets, being part of the Board since the AIM admission in 2010 and
was responsible for the two drilling campaigns on the Rukwa Coal
Project which culminated in defining a Measured and Indicated Coal
resource of 170 million tonnes. Mark's involvement with Edenville,
both in the UK and Tanzania, has increased during recent months and
the Executive position better reflects his key role in driving the
business forward.
To maintain the balance of the Board, Sally Schofield, currently
the Company's Executive Chairman, will become Non Executive
Chairman of the Company with a commensurate reduction in fees. As
an additional cost reduction measure, Finance Director Rakesh
Patel, will step down from the Board, but will continue to provide
financial and accountancy services to the Company on a consultancy
basis.
Following the reorganisation the Board of Edenville will consist
of Sally Schofield, Non-Executive Chairman, Rufus Short, Executive
Director and CEO, Mark Pryor, Executive Director and COO and Arun
Srivastava, Non-Executive Director. These changes also help the
Company keep fixed costs at an appropriate level whilst the Company
progresses discussions with potential financial and technical
partners for the next phase of its development.
Rufus Short, CEO of Edenville plc commented, "I would like to
thank Sally and Rakesh for helping the Company achieve significant
milestones since its inception and placing the Company in a
position where we are able to present potential partners with an
attractive coal to power project supported by a strong feasibility
report. I am delighted that we will retain the knowledge, expertise
and support of both Sally and Rakesh. In addition, we formally
recognise Mark's contribution to the Company by bringing him back
to an Executive level position, better enabling us to benefit from
his vast experience of Tanzania and the Rukwa Coal Project.
I am continuing to lead discussions with a number of potentially
interested parties and will advise shareholders once these
discussions progress to an appropriate stage."
Contact
Edenville Energy Plc +44 (0) 20 7652
Rufus Short - CEO 9788
Cantor Fitzgerald Europe
(Nominated Advisor and Corporate
Broker)
Stewart Dickson +44 (0) 20 7894
Jeremy Stephenson 7000
IFC Advisory
(Financial PR and IR)
Tim Metcalfe +44 (0) 20 3053
Graham Herring 8671
This information is provided by RNS
The company news service from the London Stock Exchange
END
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